City Council Committee of the Whole

CITY OF DUVALL CITY COUNCIL COMMITTEE OF THE WHOLE MINUTES July 5, 2017 – 5:30 p.m. Riverview Educational Service Center – 15510 – 1st Ave NE Acting Mayor Pro Tem Dianne Brudnicki called the meeting to order at 5:30 p.m. Council present: Jason Walker, Dianne Brudnicki, Becky Nixon, Scott Thomas, Michelle Hogg, Amy Ockerlander (absent: Matthew Eyer) Staff present: Matthew Morton, Boyd Benson, Lindsey Vaughn, Jodi Wycoff a. Good of the Order Councilmember Walker said that Council should keep a close eye on the sales tax reports and evaluate the revenues in comparison to the necessity of taxes that were increased last year. b. Transportation Plan Update (Finance section) Boyd Benson, Public Works Director, summarized the presentation given at the last meeting and reviewed the questions and answers from the Taylor’s Ridge Homeowners Association Community Meeting that was held last week. Mr. Benson then reviewed a spreadsheet of estimated costs of projects outlined in the Transportation Plan. Mr. Benson said that the draft Traffic Impact Fee is slightly increased from the current fee. Mr. Benson then answered questions from Council. Mayor Pro Tem Ockerlander arrived and resumed Mayor Pro Tem duties. c. Valley 103.1 Stuart Lisk, President of Valley 103.1 radio station, gave a background of the radio station and an update on events and programming since their launch. Mr. Lisk said that Duvall can help the station’s efforts by sending them content to broadcast including information about upcoming events, summaries of Council meetings, a report from the City Administrator, etc. Mr. Lisk said that funding would be extremely helpful as well and asked Council to consider this during their budget discussions. Mr. Lisk then answered questions from Council. d. Investment Opportunities Presentation Lindsey Vaughn, Finance Director, introduced Peter Becker from Time Value Investments, the City’s current investment firm. Ms. Vaughn and Mr. Becker gave a presentation showing the City’s current investments, most of which are in the Local Government Investment Pool (LGIP) which is more of a liquid investment. Mr. Becker explained that return rates for LGIP have been historically low in recent years and gave an example of available bonds the City could invest in. Ms. Vaughn explained that she is asking Council to authorize her to move approximately $2 million, in approximately $1 million blocks, from LGIP to other three-year investments with varying maturity dates. Ms. Vaughn explained that the goal for current and future investments will be to have a bond maturing approximately every six months. This item is on the regular Council agenda for Council direction. Committee of the Whole 07-05-17 e. 2018 Budget Calendar Lindsey Vaughn, Finance Director, handed out the 2018 budget calendar. Ms. Vaughn asked Council to review the calendar and bring any questions or comments to the Budget Retreat next week. Adjournment The Committee of the Whole adjourned at 6:48 p.m. Written Reports – The following written reports distributed in the Committee of the Whole packet:  June 2017 Sales Tax Report ATTEST: Amy Ockerlander, Mayor Pro Tem Jodi Wycoff, City Clerk Committee of the Whole 07-05-17